UMB Financial Corp. on Tuesday reported a 3.5 percent increase in third-quarter earnings thanks in part to a larger loan portfolio.
The Kansas City-based banking company earned $35.6 million in the quarter, or 78 cents a share, compared with $34.4 million, or 83 cents a share, a year ago.
Loans totaled $7.1 billion at the end of September, up from $6.5 billion a year ago.
“Our strategy to shift our earning asset mix to loans remains a top priority. Commercial lending teams in Kansas City, Dallas/Ft. Worth and Phoenix led the way with loan growth,” chief executive Mariner Kemper said in the company’s announcement.
UMB’s income from fees, service charges, sales of securities and other sources besides interest grew faster than its interest income. This non-interest income totaled $126.5 million in the quarter, compared to net interest income of $83 million.
Total assets were $16.3 billion at the end of September, including $7.1 billion in investment securities. UMB’s quarterly profit equaled a 0.90 percent return on assets, compared with 0.92 percent in the quarter a year ago.